173. Article 9(1) of EMIR provides that '"Counterparties and CCPs shall ensure that the details of any derivative contract they have concluded and of any modification or termination of the contract are reported (…) to a trade repository (…)". Furthermore, the relevant details should be reported "no later than the working day following the conclusion, modification or termination of the contract.

Conclusion of a derivative

174. Each conclusion of a derivative should be reported to a TR. If a derivative that is concluded is subsequently terminated, then the counterparties after reporting it with action type 'New' should report it with action type 'Terminate'. If the original derivative was reported with the action type 'Position Component' and is subsequently terminated, the counterparties should not send a report with action type 'Terminate' for the original derivative, however the counterparties should send a report with action type 'Modification' for the position in which the original derivative was included in order to remove this derivative from the position.

175. Counterparties should report the conclusion of a derivative even if the termination of that derivative occurs before the reporting deadline (e.g. for intraday derivatives). In such case the counterparty should send, within the same reporting deadline, two reports: one with action type 'New' and one with action type 'Terminate'. If the derivative is terminated on the same day due to inclusion in a position, the counterparty should send only one report for that derivative, with action type 'Position component'.